India’s largest operator of multi-screen theatres, PVR Cinemas, is in fund-raising mode. The Ajay Bijli owned firm is looking to raise around Rs 300 crores via the rights issue route, at a time when the film exhibition business has been dealt a body blow due to the outbreak of Covid-19, multiple sources with knowledge of the matter told Moneycontrol.“PVR Cinemas has appointed Axis Capital as the merchant banker for the proposed rights issue,” a source told Moneycontrol.A second source said that the promoters of PVR Cinemas, along with the firm’s private equity investors Warburg Pincus and Multiples Alternate Asset Management are likely to participate in the issue. “The plan is to launch the rights issue in July,” shared a third source familiar with the fund raising plans.Based on PVR’s latest shareholding pattern, Warburg Pincus holds 12.74 percent stake and Multiples and its affliates hold 11.17 percent stake, while the promoters hold 18.54 percent stake.All the three individuals spoke to Moneycontrol on the condition of anonymity.Close In response to an email query from Moneycontrol.com, PVR Ltd, Axis Capital and Warburg Pincus declined to comment. Moneycontrol is awaiting responses from Multiples Private Equity and will update this article as soon as we hear from… Read full this story

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